Fed TOMO dropped a bit from yesterday but they’re making it up and then some in POMO.

Outstanding support under TOMO now stands at 3.3x updated primary dealer equity and a stunning 7.9x for TOMO+POMO.

Read it and weep: repo-analysis-20200318

Primary dealer leverage estimate (pd-leverage-20200318) moves up to 21.7x mostly as a result of locating information on BofA Securities, Inc., which is somewhat more levered than the inexact guess from the 10-K of the parent company previously used.

Note that the figures for primary dealers are general figures for broker-dealer entities as required to be filed under US securities law. It is impossible to tell what % of assets devoted to primary dealer activity.

I did a bit of sleuthing around the new Primary Dealer Credit Facility off hours and captured this image of collateral deposits being conducted: